The National Company Law Appellate Tribunal (NCLAT) Friday directed G R K Reddy, the promoter of Chennai-based infrastructure developer Marg Ltd, to submit a revised resolution plan to creditors by September 12 toBring the company out of insolvency proceedings.
A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya said it would not grant any further time and failing to which it would proceed ahead in the insolvency matter. The NCLAT also directed the Committee of Creditors (CoC) to consider and decide over the revised resolution plan by September 26, 2019.
The appellate tribunal also said the CoC would ensure that “no discrimination is made between equally situated financial creditors, operational creditors and creditors” of the company.
